Glaston’s net sales up 26.8 percent in first quarter

Officials from Finland’s Glaston Corp., formerly Kyro Corp., announced the company’s net sales reached $78.9 million from January to March, according to a May 9 company release. The quarter’s sales are $16.7 million, or 26.8 percent, higher than the same period last year, according to the release.

Despite slower than expected North American sales and a weakened U.S. dollar, performance was strong for the quarter, said Mika Seitovirta, Glaston president and CEO, in the release.

“The first quarter was good for Bavelloni [of Italy] and Tamglass Glass Processing [of Finland], and safety glass machine orders in Northern Asia, and [Europe, the Middle East and Africa]  area also grew,” Seitovirta said. “The North American market developed more weakly than expected. The strategically important [Tamglass and Bavelloni products] order intake exceeded its targets, with the Chinese market being particularly strong.”

The company also started efficiency programs at Bavelloni and Tamglass that will save an estimated $3.3 million by the end of the year, Seitovirta said.

For the entire release, click here.